Celebrating National Financial Freedom Day
While most Americans focus on July 4th and Independence Day celebrations, July 1st is also important: National Financial Freedom Day.
This is a day that reminds us of the goal of financial independence. But what does that mean? Financial freedom means having enough savings and income from investments or other sources, such as freelance work or part-time jobs, to live without needing a regular job.
- Understanding Financial Freedom:
Being financially free means having enough money to live your life the way you want without relying on a regular paycheck.
According to a 2023 Financial Planning & Progress study, the average American has $65,100 in personal savings. This study provides a snapshot of the current financial landscape and can serve as a benchmark for your own financial goals.
Different people have different ideas about what financial freedom looks like. Some might want to retire early, while others want to travel or spend more time with their families.
“An abundance of wealth does not solely measure financial freedom; rather, it signifies the liberation to live life on your terms, unencumbered by the necessity of conventional employment,” says David Neuwirth, Senior Vice President at David Lerner Associates, a leading investment firm. “This will allow you to pursue your dreams, try new things, and take advantage of opportunities without financial stress.”
- The Importance of National Financial Freedom Day:
National Financial Freedom Day is a day to think about your financial future.
It’s a chance for everyone to learn more about how money works and how we can make it work for us.
Knowing how to pursue our financial goals can help us feel more confident and control our lives.
- Pathways to Financial Freedom:
Paying off debts is an important first step toward financial freedom. It’s like taking off heavy weights so you can move more freely.
Saving money for emergencies is like having a safety net to catch you if something unexpected happens.
Finding ways to make money without working, like investing in stocks or starting a small business, can help you build up your savings and reach your financial goals faster.
- Personalized Approaches to Financial Freedom:
Everyone’s idea of financial freedom is different. Some people might want to travel the world, while others want to spend more time with their families.
Considering financial freedom and making a plan that fits your goals and lifestyle is important.
You don’t have to do everything all at once. Taking small steps toward your goals can help you stay motivated and make progress over time.
- Overcoming Challenges
Working towards financial freedom can be challenging, but it’s ultimately worth it.
There might be times when things don’t go as planned or unexpected expenses come up. It’s important to stay flexible and keep working towards your goals.
Asking for help from friends, family, or a professional financial advisor can make overcoming challenges easier and staying on track toward financial freedom.
- Celebrating Successes
When you reach milestones on your journey towards financial freedom, it’s important to celebrate your achievements.
Financial freedom can bring a lot of positive changes to your life, like less stress and more freedom to do the things you love.
Celebrating your successes can motivate you and keep working towards your financial goals.
As you celebrate National Financial Freedom Day this July, let’s consider what financial freedom means to you. Find ways to start working towards it. Investigate ways to make money without having your nose to the grindstone all the time so you can move closer to your goals. Learning more about money and making smart choices can unlock the freedom to live on your own terms.
Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.